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Investcorp sells GL Education testing business

Investcorp sells GL Education testing business

Education Investor  31/05/16

US private equity firm Levine Leichtman Capital Partners has acquired the UK-based assessment provider GL Education for an undisclosed sum.

GL Education was sold by its Bahraini owner, the private equity group Investcorp, which had acquired the business in 2012. A source told EducationInvestor the business had fetched £212 million, around seven times its most revenue (£30 million) and 14 times its ebitda.

Based in London, GL Education is a provider of integrated assessments, stakeholder surveys, self-evaluation systems and professional development systems. Its tests are used by more than three million pupils every year in British, bilingual and international schools. In December 2015, Levine sold private college group Mander Portman Woodward to Kaplan International.

Greg Watson, chief executive of GL Education, said: “Throughout our partnership with Investcorp, we have accomplished so much in a relatively short period of time, none of which would have been possible without their commitment and support.

“This new phase in GL Education’s evolution marks another important milestone in our company’s history.”

Robert W Baird and Gibson Dunn & Crutcher advised Investcorp on the deal.  It is the group’s seventh exit in Europe in the last 12 months.

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